Ex-Needham CFO Arrested in Theft From Firm

By

Michael Rothfeld And

Chad Bray

Updated Nov. 15, 2012 8:49 p.m. ET

As chief financial officer at Needham & Co., Glen W. Albanese worked on the brokerage firm's charitable efforts after Hurricane Katrina and its scholarship fund for children of victims of the 2001 terrorist attacks.

Now, federal authorities have accused him of directing money to a different cause: himself.